International
ferrous scrap market remained busy this week with a correction in export prices. Buyers for ferrous scrap returned to the market after the correction in prices
this week.
Exporters in U.S also logged a busy week of
trade with bulk cargo exports expected to enter the double digits by
Wednesday.
Market sources said at least five East Coast
deep-sea vessels were shipped to Turkey at around $425/MT CFR Turkey for HMS
I&II (80:20) mix material and US$ 430/MT CFR Turkey for shredded scrap. Export
prices corrected by US$ 5-10/MT from last week in line with market
expectations, sources said.
Imported scrap landed to India also saw a drop of US$ 5-10/MT from the last week amid low trading activities. However, amid healthy buying inquiries, some deals were closed yesterday from European countries. A cargo of
around 3,000 MT of mixed HMS (80:20) material was sold at US$ 435/MT CFR Nhava
Sheva this week i.e. down from $440-445/MT last week. Whereas, shredded material
was sold at 450-460/MT CFR Mumbai.
“Some bookings have
been seen recently after we reduced our quotes. Weak domestic demand in the domestic market is forcing us to reduce our offers and prices may fall further to attract more
buyers”, said an exporter based in U.S.
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